From zero to hero — that’s the story of the Internet’s favourite cryptocurrency, Dogecoin. Read this Dogecoin Price Prediction to learn more.
Despite its humble beginning as a Reddit joke, Doge made it to one of the prime spots among cryptocurrencies. With a market cap of $18.5 billion, Dogecoin is currently the tenth most popular crypto globally. And who doesn’t like an underdog success story?
With a little help from the likes of Elon Musk, Dogecoin has been battling it out with the big boys over the past two years. In 2021 alone, the Doge price went up by more than 3,000%.
Can the king of meme coins stake a bigger claim? Now is the best time to consider all the hype about Dogecoin and explore whether it can be a good investment, as many in the Doge community believe.
Analysts see Doge increasing almost tenfold in price in the next few years. So, will Doge finally reach $1 in 2022? In this Dogecoin price prediction, we look into several possible outcomes for the meme crypto coin.
The Latest Dogecoin News
After teasing the crypto markets in December, in January 2022, Elon Musk announced that the Tesla store would start accepting dogecoins as a valid payment method. While customers cannot yet buy a car in Doge, they can use the meme crypto to purchase various Tesla merchandise. This news helped Doge prices increase by 18%. People rushing to buy Dogecoin caused the spike.
In addition, in late January, Doge fans rallied under a McDonald’s tweet to ask the fast-food chain to accept the meme coin as a payment method. Without making any promises, McDonald’s responded that it might consider it when evaluating new payment options in the future.
Though it might seem far-fetched to some that a giant like McDonald’s would accept Doge anytime soon, on the off-chance that it does, the move will be huge for the meme crypto. It could set a precedent that will force other companies, especially restaurants, to accept Doge and other cryptocurrencies as payment.
Dogecoin Technical Analysis & Price Predictions
Dogecoin Price History
Dogecoin launched in 2013 and spent the first seven years of its existence trading at incredibly low prices ($0.0004-$0.003). Then Elon Musk got involved, and Doge suddenly flew to $0.68 in July 2021. Dogecoin has been steadily retreating from that level since. But at $0.13 in January 2022, it is still trading at more than 40 times its 2020 price.
Dogecoin Price Prediction 2022
2022 began on a negative note for Dogecoin and other cryptocurrencies. The reason for the massive losses in the crypto market is the changing sentiment of central banks, most notably the Federal Reserve.
Due to rapidly growing inflation in the United States, the Fed plans to hike interest rates in 2022. This move will help the US economy recover from the crisis that Covid-19 caused. However, higher interest rates have translated into lower demand for risky assets, including cryptocurrencies.
Thus, the transition from low to high interest rates might be a key downside factor for Dogecoin in 2022 and remain a consistent blockade on Dogecoin’s price as the crypto markets adjust to the new situation. This much is clear from the Dogecoin price chart for the past 12 months.
Still, some analysts have predicted that the Doge price could climb to $1 in 2022. Despite the concerns about interest rates, this crypto’s price can increase due to wider adoption. Considering its all-time high of $0.70 last year, $1 doesn’t seem too far-fetched. These Dogecoin price predictions depend on fundamental factors like adoption and monetary policy.
Nevertheless, other price forecasts give Doge a much lower prognosis, putting this year’s Dogecoin price prediction at $0.15 (Wallet Investor). The Motley Fool believes that Dogecoin’s price hitting $1 is not likely and advises to stick to lower price expectations.
The Coin Bureau thinks that the Dogecoin price prediction of $1 in 2022 is possible, so long as the whole crypto market is doing well. He has not given a Dogecoin price forecast for 2022 yet.
It’s worth noting that even a pessimistic Doge price prediction might be helpful. If the Doge price remains cheap, it will make more sense to buy Dogecoin to benefit from it later.
Price Predictions for 2023, 2024, and 2025
On the more cautious end of the spectrum, the Doge price seems likely to reach $0.30 in 2023 and slowly edge towards $0.40 by 2025. These levels are three to four times higher than the current Dogecoin price.
However, with wider adoption and more celebrity endorsements, we can see the Dogecoin price overcoming $1 and perhaps rising as high as $1.5 by 2025. The coin price will depend on the overall performance of the whole cryptocurrency market, though.
Famous Dogecoin Bulls
- Elon Musk, the CEO of Tesla, is without a doubt the most prominent member of the Dogecoin community. Musk has a well-documented interest in cryptocurrencies and a $1.5 billion investment in Bitcoin through Tesla. Nevertheless, it’s usually the Dogecoin cryptocurrency that he hypes up via his Twitter account. Some of Musk’s previous comments in 2021 alone helped the Doge price rally by almost 4,000%. Though Musk has not made a Dogecoin price prediction for 2022, he certainly has a bullish sentiment.
- Rapper Snoop Dogg is also a big fan of Dogecoin.
- Billionaire Mark Cuban (who owns the Dallas Mavericks) has also invested in Dogecoin.
Introduction to Dogecoin
What Is Doge?
Dogecoin is a cryptocurrency inspired by the Doge meme. Its founders, Billy Markus and Jackson Palmer, invented the meme coin to satirise Bitcoin. They felt that the initial promises of other cryptocurrencies to transform the world were too ambitious and so launched their own digital coin purely to poke fun at them.
However, thanks to the Internet’s great fondness for memes, Dogecoin developed a real following. Even though it started as a joke, today Doge stands alongside all other cryptocurrencies as a serious token.
How Does It Work?
Like Bitcoin, Dogecoin uses a proof-of-work consensus mechanism. As a result, the devices verifying the most blocks of information within the blockchain are rewarded with the most dogecoins.
As with all other cryptocurrencies using PoW, Dogecoin faces some criticism regarding sustainability. The protocol demands high processing power, which translates to higher electricity consumption. Most mining computers use electricity that doesn’t come from renewable sources and has a high carbon footprint.
As of January 2022, Dogecoin does not support smart contracts natively. However, outside solutions like the Ren Protocol can move dogecoins from their original blockchain to Ethereum. In this way, even Dogecoin gets access to decentralised finance and Dapps.
How Widely Accepted Is Dogecoin?
As of January 2022, there are at least 1,900 companies around the globe that accept payments in Dogecoin. The most high-profile name on that list is Tesla, as revealed previously in this Dogecoin price prediction article.
Another notable company is the NBA’s Dallas Mavericks, which accepts Doge payments for merch, tickets, and more.
Where Can People Trade Doge?
You can find Dogecoin on most cryptocurrency exchanges such as Binance, Coinbase, etc. In addition, you can also trade Dogecoin via a financial broker like eToro.
FAQ
How Much Is Dogecoin Worth in 2022?
As of January 2022, the Dogecoin price is around $0.14. The more pessimistic price forecasts see it climbing from its current price to $0.15-$0.20 at most in 2022.
What Will the Price of Dogecoin Be in 2025?
If the cryptocurrency markets are doing well, Dogecoin could reach $1.5. If interest rates remain a problem for risky assets, a more realistic forecast puts the Dogecoin price around $0.40.
Will Dogecoin Go up to $1?
The Dogecoin price reaching $1 is well within the realm of possibility, as long as the crypto market does well. Nevertheless, it is impossible to say for sure if it will get there.
How Much Will Dogecoin Be Worth in 2023?
An average Dogecoin price between $0.30 and $0.50 seems like a realistic goal for 2023. We could see Doge worth more than that if it manages to overcome the $1 threshold.
Disclaimer
All of the Dogecoin price predictions made in this article are speculations based on the price history of this crypto token. Nevertheless, any asset’s past performance and historical data is not always a good predictor of its future price. Thus, the statements made here cannot be considered proper investment advice. We are not responsible for the financial decisions you make. Please consult a professional and do your own research on the financial markets carefully before making any investments.